Sharjah – MENA Herald: Bank of Sharjah today announced its financial results for the three months ended March 31, 2016. During the period, the Bank continued to grow its loan book while maintaining the solid structure of the balance sheet, with high levels of both liquidity and capital.
Total Assets reached AED 27,651 million, an increase of 6% over the corresponding 31 March 2015 figure of AED 26,181 million. When compared to the 31 December 2015 figure, Total Assets remained at the same level.
Customers’ Deposits reached AED 19,303 million, an increase of 3% over the corresponding 31 March 2015 figure of AED 18,746 million. When compared to the 31 December 2015 figure, Customers’ Deposits slightly decreased by 1% from AED 19,492 million.
Loans and Advances reached AED 15,402 million, 7% above the corresponding 31 March 2015 figure of AED 14,452 million, and 2% more than the 31 December 2015 balance of AED 15,037 million.
Net Liquidity remains high compared to industry levels at AED 6,797 million as at 31 March 2016, 6% higher compared to the same period of 2015 at AED 6,396 million, and 9% less than 31 December 2015 balance of AED 7,463 million.
Total Equity at the end of the first quarter stood at AED 4,694 million, 7% above the balance for the corresponding period of 2015.
Net Interest Income slightly decreased by 2% compared to the corresponding period of 2015, while Non-Interest Income increased by 29% which was reflected in an 8% increase in the net operating income to reach AED 157 million in 2016 compared to AED 146 million in the same period of 2015.
Net profit for the first quarter of 2016 reached AED 81 million, against AED 85 million for the same period of 2015. As a result, earnings per share for the period were down by 10% and reached 3.7 fils compared to 4.1 fils in 2015.
However, Total Comprehensive Income for the period increased by 4% to AED 77 million versus AED 74 million in 2015.
Capital Adequacy ratio kept its strong level and stood at a high of 21.13% in 2016.